LOUISVILLE, Ky. (WAVE) — The federal Internal Revenue Service will audit the University of Louisville Foundation, university official confirmed.
WAVE reports here that foundation officials said in a statement they are “participating in an IRS inquiry” related to tax returns from 2016.
In May 2018, the UofL Foundation self-reported several instances of excessive compensation — but the IRS is now requesting additional information and meetings.
The audit will focus on excessive compensation of former UofL President and Foundation Chair James Ramsey along with former Chief of Staff Kathleen Smith.
Foundation officials said it intends to fully cooperate with all requests for information from the IRS.